Today we found out that unemployment in August shot up to 6.1%. This is up more than a full percentage point since April, representing literally millions of people out of work.
Job losses were widespread. Unlike in past months when they have been concentrated in manufacturing and construction, we are now seeing job losses in retail and other services. People are just buying what they have to and nothing more.
So what is John McCain's plan? For starters, he said nothing specific about it in his speech on Thursday. He pledged to cut taxes and cut spending. Yeah. Wasn't this the Bush approach? The Bush tax cuts (which McCain has flip-flopped on, going from opposing them when they were passed to now supporting their extension) achieved an enormous budget deficit which led to a weakening dollar, the subsidizing of companies to build new factories in Asia to which they sent American jobs, and reckless investment in the housing bubble which turned out to be built on sand and destroyed the savings and jobs of millions of Americans when it came crashing down.
He really doesn't plan to do anything about the economy, except the same things as Bush has.
We can't afford four more years of this kind of failed policy.